According to CryptoPotato, Ethereum's price has been experiencing a correction in recent weeks, following a local high around the $4,000 mark. Despite the price not yet recovering, the bull market may not be over. On the daily timeframe, the price has been consolidating between $3,000 and $3,600. After a recent rejection from $3,600, the market is once again targeting the $3,000 support. The Relative Strength Index has also fallen below 50%, indicating a potential shift towards a bearish momentum.
If the price breaks below $3,000, it could potentially crash towards the 200-day moving average around the $2,400 mark. However, a rebound from the $3,000 zone could push the price back towards $3,600 and possibly higher.
In the 4-hour chart, the recent price action appears to be very choppy. The price has tested the $3,600 resistance zone several times but has failed to continue higher towards $4,000. The market structure is bearish in the short term, as the price has been consistently making lower highs and lows. Therefore, if the price breaks below $3,200, a drop back towards the $3,000 zone will be imminent.
It's important to note that this information does not represent investment advice. Individuals are advised to conduct their own research before making any investment decisions.